Max Petroleum plans rights issue

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British oil explorer Max Petroleum said it planned to raise about $75m (£46m) through a share placing to fund its ongoing exploration projects at two of its blocks in Western Kazakhstan. Macquarie Capital and JP Morgan Securities are the joint bookrunners for the placing. The Kazakhstan-focused company said it was also looking to extend the maturity of its credit facility and convertible bonds to enable it to fund its exploration activities in the country.